 |
|
Question 4
The stockholders’ equity section of
Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) |
| |
|
|
For the year ended December 31, |
| |
|
|
2011 |
|
2010 |
|
2009 |
|
| |
Net product sales |
|
$528,369 |
|
|
$517,149 |
|
|
$495,592 |
|
|
| |
Rental and royalty revenue |
|
4,136 |
|
|
4,299 |
|
|
3,739 |
|
|
| |
Total revenue |
|
532,505 |
|
|
521,448 |
|
|
499,331 |
|
|
| |
Product cost of goods sold |
|
365,225 |
|
|
349,334 |
|
|
319,775 |
|
|
| |
Rental and royalty cost |
|
1,038 |
|
|
1,088 |
|
|
852 |
|
|
| |
Total costs |
|
366,263 |
|
|
350,422 |
|
|
320,627 |
|
|
| |
Product gross margin |
|
163,144 |
|
|
167,815 |
|
|
175,817 |
|
|
| |
Rental and royalty gross margin |
|
3,098 |
|
|
3,211 |
|
|
2,887 |
|
|
| |
Total gross margin |
|
166,242 |
|
|
171,026 |
|
|
178,704 |
|
|
| |
Selling, marketing and administrative expenses |
|
108,276 |
|
|
106,316 |
|
|
103,755 |
|
|
| |
Impairment charges |
|
— |
|
|
— |
|
|
14,000 |
|
|
| |
Earnings from operations |
|
57,966 |
|
|
64,710 |
|
|
60,949 |
|
|
| |
Other income (expense), net |
|
2,946 |
|
|
8,358 |
|
|
2,100 |
|
|
| |
Earnings before income taxes |
|
60,912 |
|
|
73,068 |
|
|
63,049 |
|
|
| |
Provision for income taxes |
|
16,974 |
|
|
20,005 |
|
|
9,892 |
|
|
| |
Net earnings |
|
$43,938 |
|
|
$53,063 |
|
|
$53,157 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Net earnings |
|
$43,938 |
|
|
$53,063 |
|
|
$53,157 |
|
|
| |
Other comprehensive earnings (loss) |
|
(8,740 |
) |
|
1,183 |
|
|
2,845 |
|
|
| |
Comprehensive earnings |
|
$35,198 |
|
|
$54,246 |
|
|
$56,002 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Retained earnings at beginning of year. |
|
$135,866 |
|
|
$147,687 |
|
|
$144,949 |
|
|
| |
Net earnings |
|
43,938 |
|
|
53,063 |
|
|
53,157 |
|
|
| |
Cash dividends |
|
(18,360 |
) |
|
(18,078 |
) |
|
(17,790 |
) |
|
| |
Stock dividends |
|
(47,175 |
) |
|
(46,806 |
) |
|
(32,629 |
) |
|
| |
Retained earnings at end of year |
|
$114,269 |
|
|
$135,866 |
|
|
$147,687 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share |
|
$0.76 |
|
|
$0.90 |
|
|
$0.89 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Average Common and Class B Common shares outstanding |
|
57,892 |
|
|
58,685 |
|
|
59,425 |
|
|
| (The accompanying notes are an integral part of these statements.) |
|
| |
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) |
| |
Assets |
|
December 31, |
|
| |
|
|
|
2011 |
|
2010 |
|
| |
CURRENT ASSETS: |
|
|
|
|
|
|
|
| |
|
Cash and cash equivalents |
|
$78,612 |
|
|
$115,976 |
|
|
| |
|
Investments |
|
10,895 |
|
|
7,996 |
|
|
| |
|
Accounts receivable trade, less allowances of $1,731 and $1,531 |
|
41,895 |
|
|
37,394 |
|
|
| |
|
Other receivables |
|
3,391 |
|
|
9,961 |
|
|
| |
|
Inventories: |
|
|
|
|
|
|
|
| |
|
Finished goods and work-in-process |
|
42,676 |
|
|
35,416 |
|
|
| |
|
Raw materials and supplies |
|
29,084 |
|
|
21,236 |
|
|
| |
|
Prepaid expenses |
|
5,070 |
|
|
6,499 |
|
|
| |
|
Deferred income taxes |
|
578 |
|
|
689 |
|
|
| |
|
Total current assets |
|
212,201 |
|
|
235,167 |
|
|
| |
PROPERTY, PLANT AND EQUIPMENT, at cost: |
|
|
|
|
|
|
|
| |
|
Land |
|
21,939 |
|
|
21,696 |
|
|
| |
|
Buildings |
|
107,567 |
|
|
102,934 |
|
|
| |
|
Machinery and equipment |
|
322,993 |
|
|
307,178 |
|
|
| |
|
Construction in progress |
|
2,598 |
|
|
9,243 |
|
|
| |
|
|
|
455,097 |
|
|
440,974 |
|
|
| |
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